Forty-Three Billion Złoty That Cannot Leave in an AfternoonNarrow moat

XTB (XTB) — moat facet

Clients hold more in shares and funds at XTB than the whole company is worth, and it earns twenty-nine basis points on them.

This is the part of XTB that behaves like a moat, and it is the part that barely shows up in the income statement.

Client assets held at XTB, PLN m13 682Instruments 202427 284Instruments 202543 364Instruments Jun 267 125Client cash Jun 2616 970XTB market valueShares 23 345m zł plus ETFs 20 018m zł; gross gain on them was 78m zł in 2025
More customer property than the company is worth, earning 29 basis points.

At the end of June 2026 clients held 43 364 million złoty of listed shares and exchange-traded funds in their XTB accounts: 23 345 million of shares and 20 018 million of funds.1 Six months earlier the figure was 27 284 million, and a year before that 13 682 million.2 Client cash beside it was 7 125 million.3 Together that is over 50 billion złoty of customer property in the custody of a company whose own market value is about 17 billion.

Those assets are genuinely hard to move. Transferring a portfolio of listed securities between brokers takes weeks of paperwork rather than a wire, and inside a tax wrapper — a Polish IKE or IKZE, a British ISA or Cash ISA, a French PEA — leaving early can cost the holder a benefit accumulated over years.4 XTB has built or acquired the wrapper in each of its three largest European markets, and its product roadmap says pension accounts in more of them.

The catch is on the revenue side. Shares and exchange-traded funds produced 78 million złoty of gross gain in 2025, against 2 035 million from contracts for difference.5 The stickiest assets in the company earn 3,8 per cent of the money.6

That ratio was 0,7 per cent in 2023 and 3,8 per cent in 2025 — the fastest-improving number in the business, and still a rounding error in the profit.7

Moat trajectory: Widening

Client instruments held rose 59 per cent in six months to 43 364 million złoty, gross gain on shares and funds tripled in two years, a Cash ISA launched in Britain and a Polish tax wrapper arrives in 2026. This is the only facet here whose numbers are all moving the right way.

The number that tests this moat
Reported
Clients' shares and exchange-traded funds held
43 364m zł at 30 June 2026, up 59% in six months

Clients held 23 345 million złoty of listed shares and 20 018 million of exchange-traded funds at the end of June 2026, against 27 284 million in total six months earlier and 13 682 million a year before that, plus 7 125 million of cash. That is more than twice XTB's own market value, in assets that take weeks rather than seconds to move. It produced 78 million złoty of gross gain in 2025, or twenty-nine basis points.

Source: XTB Group half-year report for the first half of 2026 ↗
Aspects of the moat
DIG DEEPER 01
The Wrappers That Punish Leaving
IKE, IKZE, ISA, Cash ISA and PEA are the only products here where leaving costs the client something the broker did not have to create.
DIG DEEPER 02
Investment Plans and the Fifty-Złoty Habit
A monthly contribution from fifty złoty turns an account that earns when someone trades into one that grows whether or not they do.
DIG DEEPER 03
The Cash That Sits Still
Seventy-eight million złoty a year that arrives whether or not anybody trades - the only forecastable line in this company.
DIG DEEPER 04
Free Up to a Hundred Thousand Euros
XTB bought a 43 billion złoty custody book by declining to charge for the transaction that creates one.
⚠ Threats to the moat
⚠ THREAT 01
The Sticky Assets Earn Almost Nothing
The custody book grew 59 per cent in six months and produced 3,8 per cent of the gross gain; the thesis needs ten.
⚠ THREAT 02
Custody Is a Business Somebody Else Is Already Good At
A savings relationship is decided once and then neglected, which hands the advantage to whoever is already there.
References
  1. ReportedAt the end of June 2026 clients held 43 364 million złoty of listed shares and exchange-traded funds in their XTB accounts: 23 345 million of shares and 20 018 million of funds.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
  2. ReportedSix months earlier the figure was 27 284 million, and a year before that 13 682 million.
    XTB Group consolidated financial statements for 2025, balance sheet, off-balance-sheet items, employment, capital and shareholders - nominal value of derivative financial instruments at 31 December 2025 and 31 December 2024: Index CFDs 3 933 252 and 3 766 277; Commodity CFDs 6 216 958 and 3 705 548; Currency CFDs 3 284 496 and 2 952 168; Stock and ETF CFDs 1 615 397 and 1 169 077; Bond CFDs 1 553 and 11 126; total 15 051 656 and 11 604 196, of which transactions with brokers represent 16% at 31 December 2025 and 14% at 31 December 2024; clients' financial instruments held in brokerage accounts: listed stocks and rights to stocks 15 138 542 and 7 907 437; ETFs 12 144 808 and 5 773 953; other securities 207 and 207; total 27 283 557 and 13 681 597; contributions made to the compensation scheme with an opening balance of 17 923 and a closing balance of 23 981; total employment in the Group at 31 December 2025 of 1 516 people against 1 245 at 31 December 2024, including persons under employment contract and other forms of civil law contract including B2B; the Parent Company supervised by the Polish Financial Supervision Authority under a permit dated 8 November 2005, No. DDM-M-4021-57-1/2005, registered in the National Court Register under KRS 0000217580 with its seat at ul. Prosta 67, 00-838 Warszawa; foreign branches in the Czech Republic, Spain, Slovakia, Romania, Germany, France and Portugal; subsidiaries including XTB International Ltd (Belize), XTB MENA Limited and XTB Financial Services L.L.C (United Arab Emirates), PT XTB Indonesia Berjangka (90%), XTB Agente de Valores SpA (Chile), XTB Services Limited (Cyprus), X Open Hub Sp. z o.o. (Poland), XTB S.C. Limited (Seychelles), XTB Africa (PTY) Ltd (South Africa) and a Turkish entity in liquidation, with XTB Digital Ltd of Cyprus liquidated in September 2025; share capital of 117 383 635 series A shares and 185 616 series B shares of nominal value PLN 0,05, each carrying one vote with no preference; XXZW Investment Group S.A. of Luxembourg, controlled by Jakub Zablocki, holding 51 472 869 shares or 43,78% at 1 January 2025 and 42 067 329 shares or 35,78% at 31 December 2025, which gives the company control even though it holds less than 50%; dividends of 640 753 thousand złoty paid during 2025 — FY2025 · publ. March 2026 · source ↗
  3. ReportedClient cash beside it was 7 125 million.
    XTB Group half-year report for the first half of 2026, notes - nominal value of derivative financial instruments at 30 June 2026 and 31 December 2025: Index CFDs 3 642 905 and 3 933 252; Commodity CFDs 3 967 775 and 6 216 958; Currency CFDs 2 204 780 and 3 284 496; Stock and ETF CFDs 1 767 315 and 1 615 397; Bond CFDs 4 118 and 1 553; Options 125 478 and nil; total 11 712 371 and 15 051 656, and as at 30 June 2026 transactions with brokers represent 8% of the total nominal value of instruments against 16% at 31 December 2025; clients' financial instruments at 30 June 2026 and 31 December 2025: listed stocks and rights to stocks 23 345 382 and 15 138 542; ETFs 20 018 050 and 12 144 808; other securities 207 and 207; total 43 363 639 and 27 283 557; amounts due to clients: retail 7 023 586 and 6 428 875, institutional 100 955 and 99 348, total 7 124 541 and 6 528 223; contributions to the compensation scheme with a closing balance of 28 338 against 23 981; total employment at 30 June 2026 of 1 548 people against 1 516 at 31 December 2025; XXZW Investment Group S.A. holding 42 067 329 shares or 35,78% at 30 June 2026; XTB Lithuania UAB incorporated with no operations yet; dividends of 478 507 thousand złoty paid in the period — H1 2026 · publ. 28 August 2026 · source ↗
  4. ReportedTransferring a portfolio of listed securities between brokers takes weeks of paperwork rather than a wire, and inside a tax wrapper — a Polish IKE or IKZE, a British ISA or Cash ISA, a French PEA — leaving early can cost the holder a benefit accumulated over years.
    XTB results presentation for the first half of 2026, activities and products - the Cash ISA for United Kingdom residents launched in Q1 2026 with flexible tax-free interest compounding, a GBP 20 000 annual contribution limit, the option to withdraw and re-deposit funds without losing the allowance, fee-free transactions and FSCS protection up to GBP 120 000; spot crypto trading launched for clients in Cyprus based on a CySEC licence and MiCA standards and expanded to Chile with access to 46 of the most popular cryptocurrencies; extended trading hours for nearly 1 000 key European stocks and ETFs from 7:30 AM to 10:00 PM; an AI module for analyzing media sentiment; self-selection and closing of individual stock and ETF positions as an alternative to the automatic FIFO rule; full access to and management of IKE and IKZE retirement accounts from desktop computers; additional regulatory licences in the United Arab Emirates; the incorporation of XTB Lithuania UAB in Vilnius on 1 June 2026; a securities agent licence for the Chilean subsidiary; a global partnership with the International Basketball Federation (FIBA) as official sponsor of the men's and women's World Cups and title sponsor of the European Qualifiers; a partnership with SSC Napoli, XTB's first with a football club from Europe's top five leagues, running to the end of the 2026/2027 season and aimed at the Italian market; tennis player sponsorships at Roland Garros and Wimbledon; and a product roadmap with cryptoassets, an OKI account for clients in Poland, long-term investment products and margin trading in progress, and options, expansion of the pension account offering in other European countries and Investment Plans 2,0 planned — H1 2026 · publ. 28 August 2026 · source ↗
  5. ReportedShares and exchange-traded funds produced 78 million złoty of gross gain in 2025, against 2 035 million from contracts for difference.
    XTB Group consolidated financial statements for 2025, comprehensive income statement and revenue notes - total operating income 2 146 056 against 1 873 436; income from fees and charges 20 287 against 12 291; other income 3 198; marketing (584 898) against (344 808); salaries and employee benefits (413 019) against (311 574); commission expenses (107 415) against (97 289); other external services (132 846) against (79 226); amortisation and depreciation (25 405) against (19 905); taxes and fees (15 955) against (13 109); costs of maintenance and lease of buildings (10 559) against (7 999); other costs (23 580) against (12 791); total operating expenses (1 313 677) against (886 701); profit on operating activities 832 379 against 986 735; finance income 39 603 against 62 845 including interest income on financial instruments at amortized cost 26 538 and income on bonds 12 744 against 26 138 and foreign exchange gains of nil against 10 307; finance costs (94 594) against (1 129), of which foreign exchange losses (93 125) against nil, relating to unrealised differences on the measurement of balance sheet items denominated in a currency other than the functional currency; profit before tax 777 388 against 1 048 451; income tax (133 189) against (191 595); net profit 644 199 against 856 856; basic earnings per share 5,48 against 7,29. Result of operations in financial instruments by class for 2025 and 2024: Commodity CFDs 923 714 and 896 672; Index CFDs 760 736 and 622 728; Currency CFDs 290 408 and 272 276; Stock and ETP CFDs 60 047 and 44 762; Bond CFDs 101 and 735; total CFDs 2 035 006 and 1 837 173; Stocks and ETPs 78 310 and 30 654; gross gain on transactions in financial instruments 2 113 316 and 1 867 827; bonuses and discounts paid to customers (17 328) and (12 629); commission paid to cooperating brokers (51 406) and (54 623); net gain on transactions in financial instruments 2 044 582 and 1 800 575; interest income on client funds 140 129 and interest paid to clients (62 140), giving net interest income of 77 989 and 58 989 — FY2025 · publ. March 2026 · source ↗
  6. Moat Explorer calcThe stickiest assets in the company earn 3,8 per cent of the money.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
  7. Moat Explorer calcThat ratio was 0,7 per cent in 2023 and 3,8 per cent in 2025 — the fastest-improving number in the business, and still a rounding error in the profit.
    Moat Explorer calculations from XTB's published figures. Correlations across the eight quarters from Q3 2024 to Q2 2026 between operating income (470 234, 465 416, 580 294, 580 597, 375 821, 609 344, 1 094 018 and 992 558 thousand złoty) and, first, CFD turnover in lots (1 627 978, 1 657 390, 1 907 974, 2 321 584, 2 094 296, 2 542 526, 2 323 204 and 1 831 627) giving 0,25, second, CFD notional in dollars (695 315, 727 854, 937 867, 1 144 554, 1 118 278, 1 605 005, 1 333 410 and 1 029 179 million) giving 0,37, and third, profitability per lot (272, 253, 277, 229, 152, 208, 439 and 484 złoty) giving 0,92; the ranges over those quarters are 1,56 times for lots, 2,31 times for notional, 3,18 times for profitability per lot and 2,91 times for operating income. Annually from 2019 to 2025 the correlation between CFD turnover in lots and operating income is 0,96. Market capitalisation of 16 970 million złoty is 144,34 złoty multiplied by 117 569 251 shares, which against trailing twelve-month revenue of 3 071,5 million złoty (2 146,056 less 1 160,891 plus 2 086,324) gives 5,53 times sales, and against trailing net profit of 1 261,4 million (644,199 less 410,052 plus 1 027,240) gives 13,45 times earnings and earnings per share of 10,73. Historic price-earnings ratios are year-end share price multiplied by 117,569 million shares divided by net profit: 8,15, 5,23, 8,31, 4,76, 5,62, 9,66 and 13,10 for 2019 to 2025, with price-to-sales of 1,97, 2,64, 3,16, 2,51, 2,75, 4,42 and 3,93. XTB's 2025 operating income of 2 146,056 million złoty converts to 570,9 million dollars at the National Bank of Poland's 2025 average rate of 3,7588, giving 480 dollars per active client across 1 189 397 active clients against Plus500's 3 268 dollars across 242 440, a ratio of 6,8 times, while Plus500's revenue of 792,4 million dollars is 39 per cent more than XTB's. Client instruments of 43 363 639 thousand złoty across 2 825 700 clients is 15 346 złoty each, against 12 603 at 31 December 2025 and 10 048 at 31 December 2024; 43 363 639 thousand złoty converts to 8,6 billion pounds at 5,03 złoty to the pound, or 3 051 pounds a client, against Trading 212's 25 billion pounds across 4,5 million funded accounts, or 5 556 each. Gross gain on stocks and ETPs as a share of gross gain on CFDs is 0,7 per cent for 2023 (11 050 over 1 622 633), 1,7 per cent for 2024 (30 654 over 1 837 173) and 3,8 per cent for 2025 (78 310 over 2 035 006); as a share of client instruments held, 78 310 over 27 283 557 is 29 basis points. Marketing divided by salaries is 0,44 in 2019 (37 716 over 86 024), 1,42 in 2025 (584 898 over 413 019) and 1,76 in the first half of 2026 (435 510 over 246 964). Revenue per employee is 1,54 million złoty for 2023 (1 618 385 over 1 054), 1,51 million for 2024 (1 873 436 over 1 245), 1,42 million for 2025 (2 146 056 over 1 516) and 2,70 million annualised for the first half of 2026 (4 172 648 over 1 548). Poland's share of operating income is 46,7 per cent in 2023, 52,7 in 2024, 54,4 in 2025 and 57,4 per cent in the first half of 2026 (1 197 033 over 2 086 324). Net interest income is 3,1 per cent of 2024 revenue and 3,6 per cent of 2025 revenue; the share of interest kept is 78 per cent of 140,1 million less 62,1 million, or 56 per cent. Institutional revenue is 2,0 per cent of 2025 operating income (42 524 over 2 146 056) and was 8,7 per cent in 2019 (20 847 over 239 304). Second-quarter 2026 net profit of 1 027 240 less 535 042 is 492 198 against 216 129 a year earlier, a rise of 127,7 per cent, while the sequential fall from 535 042 is 8,0 per cent. The 2018 to 2019 declines are 17,0 per cent in operating income and 43,1 per cent in net profit — FY2019-H1 2026 · publ. September 2026 · source ↗
Sources
Generated September 24, 2026